Revolut expected to get Bank License in Weeks

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Ooo! Exciting!

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I’d expected their approach to trading and promoting cryptocurrencies would be problematic. Remains to be seen I suppose.

I’m looking forward to this for nothing more than gaining FSCS protection for an account I already have anyway.

If they also bring out exciting new products or otherwise manage to compete with other banks as a result of no longer having e-money restrictions, it will be interesting and may be useful, but I don’t even need that to happen to be pleased with the development.

I look forward to seeing if the reports are true!

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I think I could stand the loss of my £0.10 balance in the event Revolut collapse tbh :rofl:

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Surely it would pave the way to continue using revolut as a “burner” account rather than relying solely on Monzo and Starling, from the tech perspective?

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Revolut will probably adopt a similar restriction on re-joining to Monzo and Starling, to avoid overuse of CASS.

I think banks aren’t technically allowed to restrict CASS itself, so limits on returning customers are a way around it that still meet the rules.

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Sounds good, more competitors. I’m guessing it will take a while for it to actually roll out to customers?

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Judging from today’s news, Revolut have some way to go.

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I rather like the quote from the anonymous senior official at the FCA:

“We may find it’s better to have Revolut pissing into the tent, so we can get a better look at what gets wet, than if it’s outside in the dark. After a certain point, it has become so big that we need it in our regulatory orbit.”

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Chaucer - unless my English Lit fails me……:thinking:

Ah, but they didn’t use the c-word (or q-word in Chaucer’s case) :slightly_smiling_face:

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Is there any bank with a full licence that is offering crypto products direct to consumers?

I pray to the Lord almighty, that not

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Things have gone quite. Any updates on this?

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I suspect the dodgy accounts and auditor’s concerns are holding things up.

Ah yes, thought so: Revolut audit queries, skittish regulators complicate its UK licence bid -sources (yahoo.com)

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If I were a foreign regulator the first thing I’d be doing is checking if they’d managed to get a licence in their home country. I’m guessing the ECB or Lithuanian Central Bank could have contacted the BoE or FCA/PRA to ask if they’ve any concerns that could spiral to the EU bank.

Very suspicious that, in their largest market, they’ve got nothing to show for their troubles licence wise !

You’re rich - I’ve got 1p in mine.

Was going to close it then changed phones and can’t be bothered reactivating as they replaced my German Maestro with a second GB Visa card - Maestro was it’s sole USP (for me)

He left the company for unrelated reasons the following month to take up a new job elsewhere

No wonder Revolut are struggling to get a banking license.

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Oh dear

I can’t imagine him whining that he would up sticks and move to the US to list the bank there helped any, either.

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